AN APPRAISAL ON THE ROLES OR ARBITRAL INSTITITIONS IN SETTLEMENT OF DISPUTES IN NIGERIA

The rapid growth in trans-national trades and business relations in the 21st Century has engendered a meteoric rise in the use of Arbitration and other Alternative Dispute Resolution (ADR) mechanisms for commercial dispute resolution. This is so given the vantage position ADR has over the conventional courtroom litigation. The practice of domestic and international commercial arbitration in Nigeria which was heralded by the enactment of the Arbitration and Mediation Act has developed at a rapid pace over the years given the physical and legal infrastructure for arbitration and arbitration organizations in Nigeria. However, there is a need to chronicle the sufficiency and efficiency of the legal framework for arbitration in Nigeria. This research assessed the current legal frameworks for arbitration in Nigeria and its efficiency as dispute resolution mechanism. This work achieved its objectives using the doctrinal research methodology of a qualitative type, it therefore predicated on the use of primary and secondary sources vis-à-vis relevant internet material, journals, seminar papers, researches and personal reflection on the topic. It was the finding of this research that amongst others, there is inadequate legislation, lack of special arbitration courts, inconsistent court decisions and political and economic uncertainties. In the end, it was recommended that arbitral institutions in Nigeria be strengthened through further legislative and judicial activism, the active engagement and participation in commercial arbitral processes with a view to aid its practice and development in Nigeria.